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During Q4, Baron Emerging Markets Fund added a few new investments to existing themes while also increasing exposure to several positions that we established in earlier periods. SK hynix has emerged as the industry leader in cutting-edge HBM due to its superior performance, durability, and heat dissipation.

Dino Polska faces union-driven wage pressures that could materially impact EBITDA margins over the next several years. DNOPY may see annual labor cost headwinds of up to $150 million, with EBITDA margin downside to ~6% if no negotiation occurs. I now model FY 2030 revenue at $15.9B and a 9% EBITDA margin, lowering the price target to $13.50 (12x EBITDA, 7% cost of equity).

Dino Polska S.A. (OTCMKTS:DNOPY - Get Free Report)'s stock price traded down 3.9% on Wednesday. The company traded as low as $11.00 and last traded at $11.17. 44,517 shares were traded during trading, a decline of 39% from the average session volume of 73,146 shares. The stock had previously closed at $11.62. Dino Polska

Dino Polska remains a 'Buy' with fair value pegged at $14–$14.50, offering nearly 20% upside despite recent margin pressure. DNOPF's growth story is intact: store openings continue at 250–300 per year, with significant white space left in rural Poland. EBITDA margins are flat due to rising labor costs, but operational leverage and cost optimizations could drive future expansion.

Dino Polska is rated a buy due to its founder-led execution, strong expansion pace, and robust capital reinvestment strategy. DNOPY's growth is driven by rapid store openings—projected at 320-330 in 2025—and vertical integration, supporting mid-teens sales and EBITDA growth. Recent share price weakness stems from erratic LFL growth below inflation and limited management communication, but the long-term thesis…